Eagle Point Credit (ECC) Misses Q4 EPS by 5c

Eagle Point Credit (NYSE: ECC) reported Q4 EPS of $0.24, $0.05 worse than the analyst estimate of $0.29.

FOURTH QUARTER AND FULL YEAR 2020 HIGHLIGHTS

• NAV per common share of $11.18 as of December 31, 2020, up from $8.45 per common share as of September 30, 2020.
• Net investment income (“NII”) of $0.24 per weighted average common share1 for the fourth quarter of 2020.
• NII less realized capital losses resulted in a net loss of $0.80 per weighted average common share for the fourth quarter of 2020.
• Fourth quarter 2020 GAAP net income (inclusive of unrealized mark-to-market gains) of $95.2 million, or $2.98 per weighted average common share.
• Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) equity portfolio (excluding called CLOs), based on amortized cost, was 11.05% as of December 31, 2020. Weighted average expected yield of the Company’s CLO equity portfolio (excluding called CLOs), based on fair market value, was 21.14% as of December 31, 20202.
• Deployed $10.4 million in net capital and received $27.6 million in recurring cash distributions3 from the Company’s investment portfolio in the fourth quarter of 2020.
• Issued 597,775 shares of common stock and 29,771 shares of Series B Term Preferred Stock during the fourth quarter pursuant to the Company’s “at-the-market” offering program, for total net proceeds to the Company of approximately $6 million.

For earnings history and earnings-related data on Eagle Point Credit (ECC) click here.

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